Enforcement

Enforcement

China Banking Association Publishes New Code of Ethics

By Editors | 09/09/2020

The new Code will establish a system to “blacklist” and “greylist” banking practitioners who violate laws, regulations and discipline, and impose new obligations on senior managers.

Enforcement

India’s Enforcement Directorate Fines StanChart $13.6mn

By Editors | 08/09/2020

Standard Chartered escrow accounts were used in 2007 to transfer shares in Tamilnad Mercantile Bank to overseas investors without the RBI’s permission.

Enforcement

Taiwan FSC Penalises 12 Futures Brokers Over Oil Trades

By Lucy Zhang | 08/09/2020

The futures brokers failed to announce negative oil prices in April and were unable to accept orders from clients, among other failures.

Enforcement

CBIRC Fines Four Banks and Huarong for Violations

By Editors | 07/09/2020

Minsheng Bank, Zheshang Bank, Guangfa Bank, Huaxia Bank and Huarong Asset Management were fined a combined 320mn yuan for various violations.

Enforcement

SFC Seeks Damages for Tianhe Investors Over Defective Prospectus

By Editors | 07/09/2020

The SFC’s investigation revealed that about 53% of Tianhe’s total track record revenue disclosed in its 2014 IPO prospectus was overstated.

AML / KYC

Hong Kong Financial Firms Step Up Compliance Hiring – Report

By Editors | 07/09/2020

The demand for compliance staff has reportedly risen by a third in the past few months. Lawyers with sanctions expertise are in particularly high demand.

AML / KYC

US Recovers $60m in 1MDB Funds from Najib Razak’s Stepson

By Editors | 06/09/2020

The assets recovered include luxury real estate in Beverly Hills, New York and London, a Kentucky maintenance company, and a 1927 promo poster for the film “Metropolis”.

Enforcement

US SEC Launches Fraud Probe into Chinese Edutech Firm

By Manesh Samtani | 06/09/2020

Reports first emerged in February alleging that up to 80% of GSX Techedu users are fake, evidenced by attendance data, server records, and admissions by former employees.

Enforcement

FINMA Launches Enforcement Proceedings Against Credit Suisse

By Manesh Samtani | 06/09/2020

The proceedings relate to violations identified by a FINMA-appointed auditor in relation to Credit Suisse’s observation and security activities, and how these activities are documented and controlled.